Nigeria’s National Payment Stack (NPS) processed 153,000 transactions during its pilot phase, moving closer to a full rollout.
This next-generation payment infrastructure aims to unify banks, fintechs, mobile money operators, and other financial institutions on a single payment rail.
Premier Oiwoh, managing director and CEO, Nigeria Inter-Bank Settlement System (NIBSS), announced this milestone at the launch of the Nigeria Payments System Vision (PSV) 2028 in Abuja.
According to Oiwoh, the National Payment Stack recently recorded its highest transaction volume during testing and is now awaiting final approval before it can be formally launched.
“We’ve started a control pilot transaction on the National Payment Stack. I’m very happy to announce that last night we had the highest level of transactions at 153,000 on the National Payment Stack. So, I’m awaiting the Governor’s nod to put it up formally,” he said.
According to him, the pilot exercise has already provided a strong indication of what the system can handle once it is fully deployed across the financial sector.
The project is part of the broader reforms under the Nigeria Payments System Vision 2028, introduced by the Central Bank of Nigeria (CBN) to modernise payment services and strengthen the country’s digital economy.
At the Abuja event, stakeholders stressed that building the technology alone will not guarantee success.
They said the real challenge lies in how effectively the system is implemented, how affordable it becomes for users, and how far it reaches people who are still outside formal banking services.
Oiwoh noted that the human and operational side of the reform is just as important as the technical design.
“In reality, technology is only a fraction of what determines success. The bigger part is execution. Without proper implementation, even the best system will not achieve its purpose. A significant number of Nigerians are still not part of the formal financial system,” he said.
He also expressed support for a pricing structure that would make digital payments cheaper or even free, arguing that reducing transaction costs could encourage wider participation in electronic banking and fintech services.
“I personally believe transfer charges should be eliminated or reduced to zero on financial applications. Payment services should be accessible without fees where possible,” he said.
The NPS is expected to significantly improve how financial transactions are processed in Nigeria by allowing different financial institutions to communicate and settle payments more seamlessly.
This interoperability is expected to reduce delays, lower friction in transactions, and improve the overall customer experience.
It is also expected to enhance transaction speed and strengthen the reliability of digital payments, particularly as more Nigerians continue to shift toward cashless and mobile-based financial services.
Industry players at the event said the pilot results demonstrate that the system is capable of handling large volumes of transactions and can be scaled up without major disruptions when fully launched.
They added that the platform could support innovation in the financial sector by creating a more connected and efficient payment environment for businesses, startups, and consumers.
However, discussions at the event also reflected concerns about cost and sustainability.
While there is growing pressure to reduce transaction fees, operators warned that pricing must still allow payment service providers to remain viable in the long term.
